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Category Archives: lilburn

Wayback Wednesday… Why Hyperlocal Matters in the Real Estate Market

Wednesday, 15 February 2012 08:00
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Downtown Lawrenceville (as of June 2006)

Image via Wikipedia

Last year I was writing about why the only REAL important market report in real estate is a VERY local market report.  It’s all fine and dandy to hear the talking heads on (insert your favorite national news network), but national averages mean nothing on the state level.  Even state averages mean very little in specific counties.  In fact, looking at county level data might only be marginally relevant to a certain city in the county, and even then, there might be specific school districts or subdivisions that buck the trend… one way or another.

I run market reports for Suwanee, Lilburn, Sugar Hill, Buford, Lawrenceville, Norcross and Duluth, and it is surprising how often two cities that are right next to each other in the county will have wildly different market reports.

There is a lot more in the original post…  Hop on over and take a look.

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Lilburn, GA Market Report, January 2012

Monday, 13 February 2012 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Lilburn, GA, January, 2012, indicates that there were 360 properties on the market (as of January 30th).  Overall, there was about an 7.7 month supply of properties and 46 properties that closed (sold) in January.  It was an increase from last year’s sales (35) but a decrease from December, 2011 (54 sales).  The Absorption Rate notched up a bit. Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 7.66 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example), nor as good as the 7.35 last month.

In the sub-$200k arena, there were 267 listings, with about an 6.4 month supply with 46 sales.  This represents most of the sales in the market area.  Sales increased slightly from last month (43), and were also up dramatically from last year (26).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m still pulling for a comeback for Lilburn.  December was back on track.

Between $200k and $400k, there are 84 listings for sale, and about 15.8 months of supply. This segment had been quite weak for months, and has stalled a little. There were 0 sales compared to 9 last year. This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market. But the decrease in listings has really helped. I’m still not as confident about this portion of the Lilburn market coming back quite yet…

From $400k to $600k, there are just 3 homes on the market. The absorption rate is 6.0 months (one year average). There were 2 sales in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none since.

From $600k to $800k, $800k to $1M and Above $1M, there are 5 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Lilburn, GA Market Report, December 2011

Friday, 20 January 2012 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Lilburn, GA, December, 2011, indicates that there were 380 properties on the market (as of December 31st).  Overall, there was about an 7.4 month supply of properties and 54 properties that closed (sold) in December.  It was an increase from last year’s sales (31) and from November, 2011 (41 sales).  The Absorption Rate notched down significantly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 7.35 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example).

In the sub-$200k arena, there were 275 listings, with about an 6.3 month supply with 43 sales.  This represents most of the sales in the market area.  Sales increased markedly from last month (36), and were also up dramatically from last year (31).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m still pulling for a comeback for Lilburn.  But October was quite strong, November was actually below expectations.  December was back on track.

Between $200k and $400k, there are 96 listings for sale, and about 12.5 months of supply.  This segment had been quite weak for months, and has stalled a little.  There were 11 sales compared to 0 last year.  This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market.  But the decrease in listings has really helped.  I’m still not as confident about this portion of the Lilburn market coming back quite yet…

From $400k to $600k, there are just 3 homes on the market. The absorption rate is 9.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none since.

From $600k to $800k, $800k to $1M and Above $1M, there are 6 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Wayback Wednesday… How Were My Prognostications?

Wednesday, 04 January 2012 08:00
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Last year I wrote one of those “wonderful” annual prognostication posts with my guesses on what we would be looking at during the same time next year… and that would be now.

Gwinnett County, Georgia

Image by dougtone via Flickr

Here is a link to the old post.  I’ll have the quick version below, but if you want to see the context, knock yourself out…

  • I predict that next year there will STILL be people talking about the coming giant wave of Shadow Inventory.  Well, I have to say that I hit that one.  Inventories are dropping, but the general buzz in the biz is that there is a huge wave of “Shadow Inventory” just around the bend.  Of course, it has been there (just around the corner) for a few years now…
  • Interest Rates ARE going to rise.  They did… a little… but they are down.  I was wrong.
  • … there will be another wave of government intervention…  I hoped I would be wrong on this one, and I was.
  • The entry level market (under $200k) is well on the way to recovery… and that will continue.  I hit that one right.  The entry level market is pretty much rocking in Gwinnett County.
  • And I don’t think we will see a meaningful recovery in prices for the Luxury Market (above $600k).  Talk about a hurting market segment…  Unfortunately, I hit that one on the head.
  • The “Near Luxury” segment (from $200k-$600k) will be mixed.  That one is pretty close.  There are some markets that we are seeing a meaningful recovery for this price level… and other, not so much.  A few are just waffling.
  • I don’t see Unemployment going under 9% during 2011.  How do I rate this one?  Officially, I am wrong.  However, most of the improvement hasn’t been from job creation, but rather from people giving up.  The December numbers are supposed to be released later today…

I went 4 for 7… maybe 5 for 7, depending on how you want to score the last one.

 

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Lilburn, GA Market Report, November 2011

Monday, 26 December 2011 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Lilburn, GA, November, 2011, indicates that there were 398 properties on the market (as of November 30th).  Overall, there was about an 8.2 month supply of properties and 41 properties that closed (sold) in November.  It was an increase from last year’s sales (35) and an decrease from October, 2011 (60 sales).  The Absorption Rate notched down slightly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 8.23 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example).

In the sub-$200k arena, there were 288 listings, with about an 7.0 month supply with 36 sales.  This represents most of the sales in the market area.  Sales decreased markedly from last month (53), and were also up dramatically from last year (28).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m pulling for a comeback for Lilburn.  But October was quite strong… November was actually below expectations.

Between $200k and $400k, there are 9 listings for sale, and about 14.1 months of supply.  This segment had been quite weak for months, and has stalled a little.  There were 5 sales compared to 6 last year.  This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market.  But the 9% decrease in listings has really helped.  I’m not as confident about this portion of the Lilburn market coming back quite yet…

From $400k to $600k, there are just 4 homes on the market. The absorption rate is 8.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none in August, September, October or November.

From $600k to $800k, $800k to $1M and Above $1M, there are 7 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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